All about Nene's budget - as it happened

2015-02-25 12:33

Very diverse reaction to the National Budget - Julius Malema says Finance Minister Nhlanhla Nene and President Jacob Zuma speak different languages.


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Last Updated at 11:28
25 Feb 17:45
Budget made simple: Finance Minister Nhlanhla Nene's maiden budget speech in one easy-to-consume infographic.

25 Feb 17:40

25 Feb 17:38
Minister of Small Business Development Lindiwe Zulu talks to Fin24 about Budget 2015.

25 Feb 16:52
Craig Polkinghorne, Head of Commercial Banking at Standard Bank, speaks to Fin24 about Minister Nhlanhla Nene's budget speech.

25 Feb 16:33

From the live panel discussion

Solly Moeng, brand reputation specialist: Government needs to send more positive, confidence creating messages. Government is asking us to tight our belts, but we do not see government doing it.   

25 Feb 16:31
Ghalib Galant, Right to Know (R2K) provincial coordinator for the Western Cape: The big question is what are we getting in return, particularly at local government level. I am not so sure we are seeing the kind of trickle down we would have wanted

25 Feb 16:30
Tune in to watch the final segment of our live expert panel discussion on Budget 2015 where we assess the importance and impact of the budget speech on you.  

25 Feb 16:28
Jonathan Dixon: The financial regulation in South Africa needs to embed a forward-looking, pre-emptive and proactive approach to risk, with a strategic focus on demonstrating delivery of the right outcomes. Twin Peaks will give effect to these goals by moving away from an industry-silo approach towards one that embraces a functional approach to the supervision of the financial soundness of banks, insurers and financial conglomerates, which will ultimately lead to better policyholder protection.

25 Feb 16:28

Jonathan Dixon, Deputy Executive Officer for Insurance at the Financial Services Board: The objective of Twin Peaks is to both protect consumers of financial services and promote confidence in the South African financial system.

25 Feb 16:27
Lianne Williams, Head of Marketing at Multiply: A pack of 20 cigarettes will now cost around R36.62, an effective R13 366.30 per year for someone who smokes one box a day. For someone who smokes 40 a day, that amount soars to over R25 000.00.

25 Feb 16:25
Kobus Engelbrecht, Sanlam Business Partners and Entrepreneurship: Government should create an environment in which businesses can create jobs. It is not government's job to create jobs. Should we sit with a dwindling amount of money, or should be create a big environment where we have more to spend. One does not save your business out of trouble, you grow yourself out of trouble.  

25 Feb 16:24

E-toll tariffs to be slashed...

E-toll tariffs will be adjusted downwards but government remains committed to the principle of road users funding improvements to keep Sanral solvent, the National Treasury said.

25 Feb 16:23

Increase in fuel price concerning - Absa...

The proposed 80.5c/litre increase in the fuel price levies from April 1, combined with the expected 90c/litre price increase in March, is concerning, Absa says.

25 Feb 16:20
Kobus Engelbrecht, Sanlam Business Partners and Entrepreneurship: It is hard to start a business in SA. I see nothing in this budget that will enable or encourage a young person to start a business.   

25 Feb 16:18
Terry Bell: Job opportunities is a total waste. They employ people for 3 to 6 months and they earn barely enough to feed their families. Yet these count in the statistics.

25 Feb 16:17
Terry Bell, Inside Labour columnist: I don't think the business side or the labour side will be happy.

25 Feb 16:16
Terry Bell, Inside Labour columnist: There were no details about what the small business proposals really mean. It was a mere tinkering. For instance, what is a full time equivalent job?

25 Feb 16:16
Kobus Engelbrecht, Sanlam Business Partners and Entrepreneurship: What business needs is good infrastructure, a well run government and no corruption. The million dollar question about Nene's proposals for business would be if it can be implemented.   

25 Feb 16:14
Did the budget focus enough on unemployment? And what about entrepreneurship and small business?

25 Feb 16:13

Budget shock as tax incentive is withdrawn...

In 2011, government introduced a special incentive in the form of a tax credit for withholding taxes imposed on South African tax residents by foreign countries in respect of services rendered in South Africa to clients who are residents in foreign countries.

25 Feb 16:12
Keith Engel, deputy CEO of SAIT: The test for the credibility of this budget will come in future when one will have to see if the government can stick to its proposed expenditure. 

25 Feb 16:09
Russel Smith, tax director at Ernst & Young: Taxpayers will start feeling the change in their pockets as from March 1 when the fuel levy goes up.

25 Feb 16:08
Keith Engel, deputy CEO of SAIT (South African Institute of Tax Practitioners): They are trying to show that everyone - rich and poor - are sharing the burden.

25 Feb 16:07
Russel Smith, tax director at Ernst & Young: Lot of focus on base tax erosion by big international companies.

25 Feb 16:06
Keith Engel, deputy CEO of SAIT (South African Institute of Tax Practitioners): The moves in tax suggest it is as far as one needs to go. The challenge is credibility.  

25 Feb 16:04

25 Feb 16:04
Keith Engel, deputy CEO of SAIT (South African Institute of Tax Practitioners): Minister Nene tried in his budget to take a bad thing and make it look good.   

25 Feb 16:03

Less money to go to local government...

Over the next three years, after providing for debt-service costs and the contingency reserve, 47.9% of nationally raised funds will be allocated to national government, 43.1% to provincial government and 9% to local government.

25 Feb 16:00
Russel Smith, tax director at Ernst & Young: I think Minister Nene did a good job. The fact that he was not more aggresive with tax increases can be welcomed. 

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